To learn more about the World Series of Poker Payout Structure, you have to know where it all began. 1970 to 1977 a marketing genius named Benny Binion promoted his poker tournament as "winner-take-all". World Series of Poker has never been winner-take-all and probably never will. Benny Binion took that concept, made his event a world championship caliber tournament, and the buzz caught on. World Series of Poker prize money was always negotiated by the players.
Before the tournament would start, the players voted on various ways for the pot to be split. Players would resume playing typically using 25% of their previous chips. 75% of the other chips were exchanged for cash at the cage. Players designating distribution of the pots, isn't how it happens today but that's how it started.
25% usage of previous chips and 75% exchanged for cash was the standard operation procedure and prize distribution until 1977. The idea of a winner-take-all event was fabricated and the prize distribution and standing operating procedures where grounds for a legal investigation. The federal broadcasting law wasn't enforced even though such a practice like the scandal of the quiz show "Twenty One" was rigged. This law wasn't even outlawed.
Popular television network CBS was put in a rather odd position, after it drummed up its own version of the winner-take-all tournament. This tournament was in tennis, and featured tennis stars Jimmy Conners and Rod Laver in the finals. Connors and Laver would play a great final match only split the prize money. With Conners and Laver splitting the spoils, CBS was fined by the FCC and required to issue a public apology.
With federal investigations being conducted, Mr. Binion realized that he had better act quickly and make some changes. Binion quickly disposed of the idea of winner-take-all, and learned that he would have a better following by paying more spots instead of less. So Binion came up with another marketing success, telling the players in his tournament that he was paying the top 5 spots that year.
In the 1978 WSOP Binion kept his word and paid out the top 5 spots. Binion soon realized that with an overwhelming growth in entrants that he was going to have to pay out more spots to keep new players coming in. The then current payout of the top 5 slots would last until 1981, when Binion then told players it would be paid the top 9 spots.
With the field on the rise, the WSOP would set records in upcoming years in not only attendance but payouts as well. Chris Moneymaker was the first to set the new standard in winnings, in 2003. In 2004, Binion paid out 225 players. In 2005, 560 were paid, and in 2006, 873 cashed in.
The WSOP is now shown on ESPN which brings its largest sports viewing population to the poker tournament, making it bigger every year. Its hard to imagine having these kind of fields in the mid 1970's, but where the game has come, and the steps at which it has taken to get there are amazing. As you can see the payout structure has grown monumental over the years, just like the games popularity.
Before the tournament would start, the players voted on various ways for the pot to be split. Players would resume playing typically using 25% of their previous chips. 75% of the other chips were exchanged for cash at the cage. Players designating distribution of the pots, isn't how it happens today but that's how it started.
25% usage of previous chips and 75% exchanged for cash was the standard operation procedure and prize distribution until 1977. The idea of a winner-take-all event was fabricated and the prize distribution and standing operating procedures where grounds for a legal investigation. The federal broadcasting law wasn't enforced even though such a practice like the scandal of the quiz show "Twenty One" was rigged. This law wasn't even outlawed.
Popular television network CBS was put in a rather odd position, after it drummed up its own version of the winner-take-all tournament. This tournament was in tennis, and featured tennis stars Jimmy Conners and Rod Laver in the finals. Connors and Laver would play a great final match only split the prize money. With Conners and Laver splitting the spoils, CBS was fined by the FCC and required to issue a public apology.
With federal investigations being conducted, Mr. Binion realized that he had better act quickly and make some changes. Binion quickly disposed of the idea of winner-take-all, and learned that he would have a better following by paying more spots instead of less. So Binion came up with another marketing success, telling the players in his tournament that he was paying the top 5 spots that year.
In the 1978 WSOP Binion kept his word and paid out the top 5 spots. Binion soon realized that with an overwhelming growth in entrants that he was going to have to pay out more spots to keep new players coming in. The then current payout of the top 5 slots would last until 1981, when Binion then told players it would be paid the top 9 spots.
With the field on the rise, the WSOP would set records in upcoming years in not only attendance but payouts as well. Chris Moneymaker was the first to set the new standard in winnings, in 2003. In 2004, Binion paid out 225 players. In 2005, 560 were paid, and in 2006, 873 cashed in.
The WSOP is now shown on ESPN which brings its largest sports viewing population to the poker tournament, making it bigger every year. Its hard to imagine having these kind of fields in the mid 1970's, but where the game has come, and the steps at which it has taken to get there are amazing. As you can see the payout structure has grown monumental over the years, just like the games popularity.
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